Are you thinking about buying a franchise but not sure if you’re ready? Franchising is a great choice, but it is only one option for getting into business. It is always good to understand your options and determine what is best for you.
Franchisors provide proven systems, training and support. However, franchisees implement these proven systems and manage the business. This will mean long hours and hard work. Are you aware of all that is entailed and are you willing to do it?
You are paying a price to be a part of a franchise. You are investing in a system of doing business, and they train you to be proficient. It buys a brand name and standards to insure your customers will experience the same high-quality standards in every unit of that franchise. Be very familiar with what the franchisor provides and ask yourself if you are willing to follow their procedures. If not, do not make an investment in a system you will not use.
This guide is a concise primer on how to navigate your way to franchise success.
It features practical information and exercises that will enable you to consider whether a franchise is right for you.
Sections in this guide include:
- What Does It Take To Succeed?
- The Building Blocks to Franchise Success
- Can You Do It? Do You Have the Drive?
- Qualities of a Good Franchise System
- The Business Model, Finding the Right Fit
- Solidifying Your Financial Plan
- Franchise Selection Decision Plan
- Business Preferences Questionnaire
- Questions to Ask Franchisors
- Questions to Ask Franchisees
- Franchise Regulations and the FDD
- And much more to ensure you’re on the road to success
FranNet assists individuals with the entire franchise process – from franchising an existing business to purchasing or selling a franchise. FranNet is committed to providing continuous marketing, business and operational support so that they may be looked upon as the most knowledgeable, professional and successful franchise consultants in the industry.
Copyright © 2023 SCORE Association, SCORE.org
Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.